Posts Tagged ‘ebay’

McCain would tap Meg for Treasury post.  Ebay struggles

Online retailer EBay Inc., which is trying to reverse years of slowing growth in its auction business amid rising competition and a spreading financial crisis, said Monday that it would cut 10% of its global workforce even as it spends $1.3 billion to buy three Web businesses.

Even after announcing the largest reduction in its 13-year history, which EBay said would save $150 million in annual operating costs, the San Jose company saw its shares tumble by as much as 12% to their lowest level in more than five years. They recovered to close at $17.89, down 5.5%. (LA Times)

EBAY WORKERS may be in for a shock they didn’t bargain for, with a report claiming the firm is floundering and preparing to lay off about 10 per cent of the company’s 15,000 employees. (Inquirer)

Trouble at eBay.  Indicators of more to come.

Internet auctioneer eBay Inc. (EBAY) on Thursday said it had cut less than 1% of its global workforce as part of an internal reorganization designed to make the company’s services easier to use.

The 125 job cuts in the U.S, Belgium, Spain and Austria were part of an effort to centralize some customer support, finance and legal functions and were not aimed at cutting costs, said eBay spokesman Jose Mallabo. Despite the job cuts, eBay said it was still working to increase its workforce of 15,500 employees. (CNN)